BRIEF-Cathay Pacific Airways Posts HY Loss Attributable HK$9,865 Million
Aug 12 (Reuters) - Cathay Pacific Airways Ltd:
* HY REVENUE HK$27,669 MILLION VERSUS HK$53,547 MILLION
* HY LOSS ATTRIBUTABLE HK$9,865 MILLION VERSUS PROFIT OF HK$1,347 MILLION
* CATHAY PACIFIC-ADVANCED NEGOTIATIONS TAKING PLACE WITH BOEING FOR DEFERRAL OF B777-9 DELIVERIES
* BY Q4, MANAGEMENT TO RECOMMEND TO BOARD OPTIMUM SIZE AND SHAPE OF CATHAY PACIFIC GROUP TO MEET AIR TRAVEL NEEDS OF HK
* BY Q4 2020, MANAGEMENT TO RECOMMEND TO BOARD OPTIMUM SIZE AND SHAPE OF GROUP TO MEET AIR TRAVEL NEEDS OF HONG KONG
* RECOMMENDATIONS TO INVOLVE RATIONALISATION OF FUTURE PLANNED CAPACITY COMPARED TO PRE-CRISIS PLANS
* GIVEN CURRENT CONDITIONS, DECIDED TO TRANSFER ABOUT THIRD OF PASSENGER AIRCRAFT TO PARKING LOCATIONS OUTSIDE OF HK OVER COMING MONTHS
* FIRST SIX MONTHS OF 2020 WERE MOST CHALLENGING THAT CATHAY PACIFIC GROUP HAS FACED
* WITH GLOBAL RECESSION LOOMING, GEOPOLITICAL TENSIONS INTENSIFYING, TRADE WILL LIKELY COME UNDER SIGNIFICANT PRESSURE
* DEFERRAL OF B777-9 DELIVERIES IS EXPECTED TO PRODUCE CASH SAVINGS TO CATHAY PACIFIC GROUP IN SHORT TO MEDIUM TERM
* WE DO NOT EXPECT TO SEE A MEANINGFUL RECOVERY IN OUR PASSENGER BUSINESS FOR SOME TIME TO COME Source text for Eikon: Further company coverage:
